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US insurers face potential $20 billion losses as Los Angeles wildfires rage

share-iconFriday, January 10 comment-icon1 week ago 5 views
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reutersREUTERS
US insurers face potential $20 billion losses as Los Angeles wildfires rage

Credited from: REUTERS

  • U.S. property and casualty insurance stocks experienced a downturn amid concerns over potential claims due to devastating wildfires in Los Angeles.
  • The Palisades and Eaton Fires have already consumed over 34,000 acres and nearly 10,000 structures, marking them as some of the most destructive in the city's history.
  • J.P. Morgan has increased its forecast for insured losses to over $20 billion, underscoring the potential financial impact on insurers.
  • Analysts predict the Los Angeles wildfires could result in insured losses ranging from $8 billion to $17.5 billion, possibly the costliest in U.S. history.
  • Major insurers like Travelers, Mercury General, and Allstate saw significant stock declines in premarket trading as the crisis unfolded.

For the full article, visit Reuters.

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Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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